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Foreclosure auction nets $18.4 million in home sales

July 27, 2010 - Affordable homes in Texas have made the state a popular destination for families who are moving.

Hundreds of families took advantage of statewide foreclosure auctions last weekend that resulted in $18.4 million in home sales, reported Real Estate Disposition, an auction company. Four auctions took place, in Dallas, Houston, Fort Worth, and San Antonio, allowing homeowners to purchase 321 properties at drastically reduced prices.

Houston saw the most action, with buyers snatching up 120 properties at about $7.8 million. Around 83 units moved in San Antonio and Dallas each, while Fort Worth sold 35 homes. One Houston home sold for 77 percent less than its previous home value, said REDC.

"First-time homeowners and investors walked away with some incredible bargains," said CEO Jeff Frieden. "The auction was a big boost to the local economy. When a house sits vacant, no one is paying a mortgage, property taxes, nor gas, electric and water bills - all of which hurts the local and national economy."

Those families can find additional savings on moving services by comparing different services or by packing their belongings and letting a mover bring them to their new home.

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